Incline Global Management LLC Sells 8,535 Shares of Corpay, Inc. (NYSE:CPAY)

Incline Global Management LLC cut its stake in shares of Corpay, Inc. (NYSE:CPAY) by 21.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 31,150 shares of the company’s stock after selling 8,535 shares during the quarter. Corpay makes up approximately 4.3% of Incline Global Management LLC’s holdings, making the stock its 14th biggest position. Incline Global Management LLC’s holdings in Corpay were worth $9,742,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. American Century Companies Inc. boosted its stake in Corpay by 1,734.1% in the 2nd quarter. American Century Companies Inc. now owns 400,662 shares of the company’s stock worth $106,740,000 after purchasing an additional 378,817 shares during the period. TD Asset Management Inc bought a new position in Corpay in the 2nd quarter worth approximately $41,475,000. Assenagon Asset Management S.A. bought a new position in Corpay in the 2nd quarter worth approximately $35,655,000. International Assets Investment Management LLC bought a new position in Corpay in the 3rd quarter worth approximately $40,497,000. Finally, FMR LLC boosted its stake in Corpay by 3.0% in the 3rd quarter. FMR LLC now owns 2,692,847 shares of the company’s stock worth $842,215,000 after purchasing an additional 78,880 shares during the period. 98.84% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Joseph W. Farrelly sold 2,975 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $375.18, for a total transaction of $1,116,160.50. Following the sale, the director now owns 10,530 shares of the company’s stock, valued at $3,950,645.40. This trade represents a 22.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Alissa B. Vickery sold 8,000 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $370.04, for a total value of $2,960,320.00. Following the sale, the chief accounting officer now directly owns 1,797 shares in the company, valued at approximately $664,961.88. The trade was a 81.66 % decrease in their position. The disclosure for this sale can be found here. Insiders own 6.10% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Bank of America upped their price target on Corpay from $344.00 to $375.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. Citigroup increased their target price on Corpay from $405.00 to $430.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Jefferies Financial Group increased their target price on Corpay from $375.00 to $425.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Royal Bank of Canada reiterated a “sector perform” rating and set a $310.00 target price on shares of Corpay in a research report on Thursday, August 8th. Finally, Keefe, Bruyette & Woods increased their target price on Corpay from $380.00 to $400.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $363.93.

Corpay Trading Down 0.9 %

CPAY stock traded down $3.45 during midday trading on Tuesday, reaching $379.54. The company’s stock had a trading volume of 20,927 shares, compared to its average volume of 470,814. The company has a debt-to-equity ratio of 1.69, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a fifty day simple moving average of $345.66 and a two-hundred day simple moving average of $304.65. Corpay, Inc. has a 1 year low of $247.10 and a 1 year high of $385.30. The firm has a market capitalization of $26.46 billion, a price-to-earnings ratio of 27.31, a PEG ratio of 1.49 and a beta of 1.23.

About Corpay

Corpay, Inc operates as a payments company that helps businesses and consumers manage vehicle-related expenses, lodging expenses, and corporate payments in the United States, Brazil, the United Kingdom, and internationally. The company offers vehicle payment solutions, which include fuel, tolls, parking, fleet maintenance, and long-haul transportation services, as well as prepaid food and transportation vouchers and cards.